Tumbarumba Property Factsheet 1st Half of 2019
In Q4 2018, Tumbarumba recorded a median house price of $175,000. This represents an annual (Q4 2017 – Q4 2018) price change of -21.0%. The 2nd Half 2018 Tumbarumba Property Factsheet reported annual (Q2 2017 – Q2 2018) price growth of -10.1% for houses, meaning the past 6 months has resulted in more affordability within the Tumbarumba house market. It is important to note that in regional areas fluctuations in median house price are expected due to low sale volumes, as well as often large variations in the scale of rural land affecting land sale prices also.
Average vendor discounting slightly widened across Tumbarumba in the housing market, reaching -7.2% in Q4 2018. This was a widening of -1.0% over the past 12 months, which suggests that buyers have been able to achieve an even greater discount over the initial list price. Now is thus an ideal time for buyers to be active in the Tumbarumba market to secure available discounts.
Tumbarumba’s median rental price increased to $293 per week as of Q4 2018. This represents an annual (Q4 2017 – Q4 2018) price increase of 11.4%. This suggests that there are real rental returns for investors and room for more investment in the area. This is further supported by the low vacancy rate in Tumbarumba, which has been on a declining trend over the past 12 months, to 1.0% in December 2018.
The Tumbarumba Multipurpose Site (MPS) is a major project for the area which is currently under construction. Valued at an estimated $32.0M, the project is set to expand the existing MPS site by adding a variety of additional hospital and aged care services, which will be partly accommodated for through the demolition of some existing buildings.